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Tag Archives: oil and gas industry
Bank watch lists early warning sign of trouble for oil and gas industry
Bank watch lists early warning sign of trouble for oil and gas industry Royal Bank, CIBC and Scotiabank each added 9 oil and gas firms to watch lists in recent quarterly earnings In releasing their latest quarterly earnings, Royal Bank, CIBC and Scotiabank each added nine oil and gas firms to their loan watch lists, […]
Ready for more punishment: Investors load up on oil share offerings
Ready for more punishment: Investors load up on oil share offerings The $9.2 billion investors paid to snap up new equity offerings from U.S. oil companies in 2016 proves those investors are indeed ready for more punishment. The amount is in line with the pace of such equity offerings in 2015 even as the mood in the […]
Halliburton Cuts 5,000 Jobs, 8% Of Workforce
Halliburton Cuts 5,000 Jobs, 8% Of Workforce It turns out oilfield services isn’t a good place to be during epic crude downturns. Halliburton – which cut thousands upon thousands of jobs in 2015 – is back it, announcing an additional 5,000 layoffs on Thursdsay. The cuts amount to 8% of the company’s remaining workforce. We say “remaining” because as […]
UK Oil Industry At The “Edge Of A Chasm”
UK Oil Industry At The “Edge Of A Chasm” Oil production from the North Sea could plummet over the next decade, an outcome that will largely result from the inability of oil companies to invest in upstream exploration today. Oil & Gas UK, an industry trade group, said in a new report that the North Sea is […]
Encana to cut workforce another 20% on top of earlier downsizing
Encana to cut workforce another 20% on top of earlier downsizing Calgary-based oil and gas producer reports 4th-quarter losses of $612M Doug Suttles, CEO of Encana Corp., speaks to reporters in Calgary in 2013. The Calgary-based company announced on Wednesday it’s planning a further 20 per cent reduction in its workforce to achieve up to […]
JPMorgan Just Sounded a $500 Million Alarm Bell On America’s Dying Oil Patch
JPMorgan Just Sounded a $500 Million Alarm Bell On America’s Dying Oil Patch Back on January 14, we noted that JPMorgan did something they haven’t done in 22 quarters: the bank increased its loan loss provisions. The “reserve build of ~$100mm [is] driven by $60mm in Oil & Gas and $26mm in Metals & Mining within […]
Panic Below The Surface: “Banks Are Selling Energy Loans At Cents On The Dollar To Ensure Their Own Survival”
Panic Below The Surface: “Banks Are Selling Energy Loans At Cents On The Dollar To Ensure Their Own Survival” One week ago, when we commented on the latest weekly update from Credit Suisse’s very well hooked-in energy analyst James Wicklund, one particular phrase stuck out when looking at the upcoming contraction of Oil and Gas liquidity: “while […]
Widespread Credit Downgrades Likely For Oil Producing Countries
Widespread Credit Downgrades Likely For Oil Producing Countries Plenty of oil commodity producers are in trouble, and that includes more than a handful of countries whose economies are heavily dependent on oil, gas, and other natural resource exports. In the 1980s, a wave of defaults swept emerging markets, with a large portion of the blame […]
Oil Glut Compounded By Cracks In Global Economy
Oil Glut Compounded By Cracks In Global Economy Will oil go below $20? Jeffrey Currie, the head of commodities research at Goldman Sachs, said on Bloomberg TV on Tuesday that he wouldn’t be surprised if oil dipped “into the teens.” That would upend the financial prospects for a lot of oil and gas companies. In January, Moody’s […]
Cattle Deaths Spark Renewed Oil Drilling Controversy
Cattle Deaths Spark Renewed Oil Drilling Controversy Following the mysterious death of seven cattle near an oil field in Kansas, public health authorities are investigating whether oil drilling could be the cause. In late December, seven dead cattle were found near an oil field in the Cimarron National Grassland, Kansas, and authorities believe that cows […]
More Oil and Gas Bankruptcies Are Assured
More Oil and Gas Bankruptcies Are Assured 2015 was a terrible year for energy investors, but many investors and even corporate officers may be deluding themselves in believing that if they simply hold on, the good times will return. The reality is that for many oil companies, the future is already written. In the last […]
Global Corporate Debt is Coming Unglued
Global Corporate Debt is Coming Unglued Default Rate Highest since 2009, US Distress Ratio Soars. Standard & Poor’s slashed the credit ratings of 112 corporations around the globe to default (D) or selective default (SD) in 2015, according to S&P Capital IQ Global Credit. The highest number of global defaults since nightmare-year 2009, when a previously […]
Doom and Gloom for North American Oil Producers
Doom and Gloom for North American Oil Producers Lower Oil Prices To the dismay of U.S. shale producers, oil prices continue their long slow slide into the abyss. Perhaps the current price of $35 per barrel – an 11 year low – is the final destination. More than likely, however, it’s a brief reprieve before […]
